UBS to develop Â£100m Newport retail scheme

The Swiss bank, UBS Global Asset Management, is planning to develop a ÃÂ£100m shopping centre in Newport, South Wales. UBSÃ¢â¬â¢s Triton Property Fund is in detailed talks with Rhys Newport, the owners of Kingsway shopping centre, and a deal could be completed within weeks. If the talks are successful, UBS will buy and redevelop the centre, doubling its size to 450,000 sq ft.

The proposed development will be anchored by a 75,000 sq ft Debenhams department store, based over three floors. Debenhams has agreed to take the store on a 25-year lease. The scheme also includes a 75,000 sq ft supermarket, 1,370 parking spaces plus pedestrian routes linking John Frost Square with the River Usk.

Rhys Newport is a partnership between Lehman Brothers and Dawnay Day. The joint venture won planning consent for the extension back in February, before deciding to sell it on.

The UBS Triton Property Fund is an English limited partnership with ÃÂ£620m of property in the UK.